Five classes of mortgage-backed securities issued by RASC trusts have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2003-KS3, class M-1, from Aa2 to Baa3, and class M-2, from A2 to Ba2; and series 2003-KS6, class M-1, from Aa2 to Baa2, class M-2, from Baa1 to B1, and class M-3, from Baa2 to B2. "The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," the rating agency said.

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